Applicant
Latitude Financial Services Limited
Case number(s)
201510057
Decision date
Type
Decision
DecisionConsent granted
Section 13(1)(c) Overseas Investment Act 2005
Decision Date29 October 2015
Investment

An overseas investment in significant business assets, being:

  • the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being all of the consumer finance assets and business of GE Finance and Insurance; and
  • the acquisition by The New Zealand Guardian Trust Company Limited (as trustee of the New Zealand Personal Loans Trust and as trustee of the New Zealand Sales Finance and Credit Cards Trust) of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being consumer loans (and any associated security) of GE Finance and Insurance and the Applicant.nsideration
Consideration$1,420,000,000
ApplicantLatitude Financial Services Limited
United States Public (39.032%)
German Public (30.0%)
Various overseas persons (11.977%)
Singapore Public (5.642%)
Cayman Islands Public (4.5325%)
Saudia Arabian Public (4.3925%)
Canadian Public (2.499%)
Swiss Public (1.925%)
VendorGE Finance and Insurance
General Electric Company, United States of America (100.0%)
Background

The Applicant seeks to acquire all of the Vendor’s New Zealand consumer finance assets and business. The Applicant considers this business has a strong, stable financial position and a leading position as a non-bank provider of funding to New Zealand consumers.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationMatthew Olsen
Mayne Wetherell
PO Box 3797
Shortland Street
AUCKLAND
Last updated